With mall come high hopes
Jonesboro Sun
Grover Welch
3/28/2006
JONESBORO -- The MALL AT TURTLE CREEK will affect more than just pocketbooks, said Dr. Len Frey, addressing members of the public and media Monday during a special preview of the new mall.
"The economic impact will be substantial, but the social and community impact is already being felt," said Frey, dean of the Arkansas State University College of Business.
The ASU faculty member declined to make any predictions for the new mall but highlighted the changes it has had on the community until now.
"It has brought a substantial base of construction and retail employment to the community," he said. "An increased payroll, spending and lodging have already been seen across the county and city. It represents a $107 million investment in the community and that will most definitely translate into an increased sales revenue for the county."
The mall has already contributed to a record 13.7 percent sales tax collection increase from December 2004 to December 2005, he said.
"That is at least partially attributable to the new mall and the attraction it has had," he said.
Henry Jones, president of the Jonesboro Regional Chamber of Commerce, told attendees he has spoken with members of his own family in Missouri who are exciting about coming to Jonesboro to shop instead of going to Springfield.
"It is that kind of attraction that makes me confident this is a good day for Jonesboro," he said.
Frey pointed to increases in property values, new tax generation and the removal of homes from the flood plain because of the re-routing of Turtle Creek as tangible benefits.
"I am hesitant about making far-reaching and predicting statements, except to say the mall is going to be great for Jonesboro and Craighead County," he said.
On hand for the media event were four of the partners in the mall development -- Bruce Burrow of MBC Holdings and Talmage Hocker, Scott Hornaday and Philip Purdom of David Hocker and Associates.
"The mall is absolutely great, and it is a great day to be in Craighead County," said County Judge Dale Haas. "With this mall, not only will it keep shoppers at home, it will attract shoppers from as far away as Memphis. Increased sales tax revenue will help us invest in improving the infrastructure. That will turn into more jobs, more attraction of industry and help continue the economic boon in the county."
Frey told attendees to expect the impact of the mall to be most noticeable after one year.
"I expect to be back here in a year and telling the public about how incredible this has been for the area," he said. "The mall means more new jobs, possibly as many as 800. That is substantial to the economy of the city and the county. That will translate into more spending in the community. Spending in the community is part of the cycle that drives the economy, creating new jobs."
Burrow agreed with Frey and predicts the mall opening is part of a larger circle of economic growth.
"With the mall we will see jobs, and those jobs will create a tax revenue the city can use to promote and create new industry," Burrow said. "I have been involved in the development business for a long time, and it is proven that retail growth can strengthen the other economic indicators in a city and county,"
The mall will be closely watched by a team of professors and students at Arkansas State University as they conduct an economic impact study over the next year.
"The goal is to adequately and accurately gauge the impact the mall has on Jonesboro and Craighead County," Frey said. "In a year we will have some concrete numbers that the public will be able to look at and decide for themselves the benefits of the mall."
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